Personal Umbrella
A Personal Umbrella is a product worth considering for almost everyone. The reason being is that accidents can happen to anyone and an Umbrella Policy is a great way to make sure you always have a little extra coverage just in case.
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Let's suppose you're found liable because a guest at your house was injured from a loose floorboard. If your guest sustained $1,000,000 in damages you would owe that person that amount of money in order to make them whole per the settlement. Well if you Homeowners Policy only has $300,000 in "Family Liability Coverage" you would still need to come up with an additional $700,000. If you have an Umbrella Policy in place at the time of loss then that policy will pay out the additional $700,000 you owe. If you did not have an Umbrella Policy in place at the time of loss you would be on the hook and would more than likely have to liquated assets and have wages garnished.
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How does a Personal Umbrella Policy work?
$1,000,000 Excess Liability Coverage
$300,000 Family Liability Coverage
$250/500 Bodily Injury Liability
$100,000 Property Damage Liability
Personal Injury $500,000
Who's Covered under an Umbrella Policy?
An Umbrella Policy will also extend to other members of your household, such as a spouse, children and any other relatives that live with you.
What's not covered under an Umbrella Policy?
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Damage to your personal belongings
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Criminal or Intentional Acts
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Business Losses
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Contracts
How do I get a Personal Umbrella Policy?
Generally speaking Insurance Companies require you to qualify for an Umbrella Policy. They typically require you to have a Property Policy and Auto Policy both in force. They'll also require that you carry higher limits of coverage on those policies as well. Typically, $300,000 for Family Liability Coverage on the Property Policy and $250,000/$500,000 for Bodily Injury Liability on the Auto Policy. The last thing Insurance Companies typically require is that you pass a claims history check. You may be denied an Umbrella Policy if you have an extensive claims history. However, if all qualifications are met and you have a satisfactory claims history you can qualify for a Personal Umbrella Policy.